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business management > unit 3 aos 3 > Flashcards

unit 3 aos 3 Flashcards

(59 cards)

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1
Q

Operations management:

A

coordinating and organizing the activities involved in producing the goods/services that a business sells to customer.

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2
Q

The relationship between operations management and business objectives:

A

Maximize profit + efficiency

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3
Q

Requires operations management to set objectives such as:

A

Increasing productivity

Improving quality in processes and outputs

Adopting a sustainable approach to operations

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4
Q

WHAT IS THE BUSINESS OBJECTIVE?

A

Make profit

Fulfill a market need

Meet shareholder expectations

Increase market share

Fulfill a social need

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5
Q

Effectiveness:

A

extent to which a business achieves its stated objectives

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6
Q

Efficiency:

A

how productively a business uses its resources to produce a good/service in order to achieve objectives

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7
Q

Operation strategies:

A

Technological developments

Materials strategies

Quality strategies

Waste minimization strategies

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8
Q

Productivity:

A

the number of goods/services that are produced compared to the number of resources used in the production process

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9
Q

Improving productivity:

A

Establishing reliable supply chain

Minimization of wastage and defects

Application of training

Appropriate facilities

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10
Q

Inputs:

A

All resources that go into producing a good/service

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11
Q

Processes:

A

What is done to the inputs to transform them into the finished outputs

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12
Q

Outputs:

A

Final product presented to the customer, either as goods (tangible) or services (intangible)

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13
Q

Tangible v intangible products:

A

Tangible: output that can be physically touched

Intangible: Output that cannot be physically touched but is experienced by the consumer

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14
Q

Standardized goods:

A

Goods that are produced consistently + are virtually identical to one another

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15
Q

Capital intensive:

A

When a business uses a high degree of machinery and equipment during the production process

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16
Q

Characteristics of a SERVICE business:

A

Service businesses provide intangible products, usually with the use of specialized expertise

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17
Q

Characteristics of a MANUFACTURING business:

A

Manufacturing businesses uses raw materials and resources to produce a finished physical good

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18
Q

Labor intensive:

A

When a business uses a high degree of employee involvement during its production process

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19
Q

Automated production lines:

A

Machinery that are arranged in a sequence, where the product is developed as it proceeds through each step

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20
Q

Robotics:

A

Programmable machines that are capable of performing specified tasks

Involves the design, construction, operation and use of robots

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21
Q

Computer-aided design:

A

Digital design software that aids the creation, modification and optimization of a design and the design process (uses software)

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22
Q

Computer-aided manufacturing:

A

Use of software that controls and directs production processes by coordinating machinery and equipment through a computer

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23
Q

Artificial intelligence:

A

Using computerized systems to simulate human intelligence and mimic human behaviour

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24
Q

Online services:

Study These Flashcards
A

Services that are provided via the internet

Web pages, apps, platforms that allow businesses to provide their service to customers through the internet

25
Materials management:
Involves organizing and monitoring the delivery, storage and use of raw materials required for production
26
Forecasting:
Materials planning tool that predicts customer demand for an upcoming period using past data and market needs
27
Forecasting considerations:
Special customer demand times (holidays = valentines, easter, etc.) Supplier delivery times (supplies from different countries) Price fluctuations (global exchange rates change)
28
Master production schedule:
A plan that outlines what a business intends to produce, in specific quantities, within a set period of time
29
Materials requirement planning:
Process that itemizes the types and quantities of materials required to meet production targets set out in their master production schedule
30
Just in Time (JIT):
Inventory control system that delivers the correct type and quantity of materials as soon as they are needed for production
31
Quality:
A good/service's ability to satisfy a customer's needs
32
Quality control: (WITHIN BUSINESS)
Inspects a product at various stages of the production process, to ensure it meets designated standards and discarding those that are unsatisfactory
33
Quality control requires:
Established standards of quality Regular inspections Comparison against standards To be reactive
34
Quality assurance: (INDEPENDENT, NOT WITHIN BUSINESS)
When a business achieves a certified standard of quality in its production after an independent body assesses its operations system.
35
Total Quality Management (TQM):
Holistic approach whereby all employees are committed to continuously improving the business' operations system to enhance quality for customers Proactive Empowers employees
36
Waste:
Any resource that is discarded because it cannot be further used in the production process
37
Waste minimization:
The process of reducing the amount of unused material, time, or labor within a business
38
Positive impacts of waste minimization on businesses:
Help reduce resource costs Prevent legal breaches + costly legislation infringement fines Prevents fines from (EPA)
39
Negative impacts of waste on businesses:
Money gets wasted on raw materials Over produced goods can expire whilst in storage A company can be fined or prosecuted by the (EPA) if waste damages the environment
40
Reduce:
to decrease the amount of resources, labor, or time discarded during production
41
Reuse:
to make use of items which would have otherwise been discarded
42
Recycle:
to transform items which would otherwise have been discarded
43
LEAN MANAGEMENT:
Process of systematically reducing waste in all areas of a business operations system whilst simultaneously improving customer value
44
Lean management principles:
Pull strategy One-piece flow strategy Takt strategy Zero defects strategy
45
Pull strategy:
involves production of the good/service only starting when a customer places an order. Customer 'pulls' at production system with their demand.
46
One-piece flow strategy:
involves the operations process focusing on one good/service at a time.
47
Takt strategy:
seeks to create a rhythm whereby all steps in production of the good/service are synchronized to create a continuous flow.
48
Zero defects strategy:
involves striving for perfection by continuously improving until the operations process achieves zero defects.
49
CORPORATE SOCIAL RESPONSIBILITY IN OPERATIONS:
The ethical conduct of a business beyond legal obligations and the consideration of social, economic and environmental impacts when making business decisions
50
Core work:
activities that directly contribute towards a business meeting its objectives and operating smoothly
51
Non-core work:
activities that are not central to business operations
52
GLOBAL CONSIDERATIONS:
Global sourcing of inputs, tariff, quota, free trade
53
Global sourcing of inputs:
Business acquiring raw materials and resources from overseas suppliers
54
Tariff:
Taxes that must be paid to a government for particular imports and exports
55
Quota:
Limitations in international trade, on the amount of a particular product that can be imported and exported into/from a country which are usually set by a government
56
Free trade:
Absence of government protections to restrict goods being imported into a country
57
Overseas manufacture:
Business producing goods/services outside of the country where its headquarters are located
58
Global outsourcing:
Transferring specific business activities to an external business in an overseas country
59
Outsourcing:
Transfer of specific activities to an external business

business management (6 decks)

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